Looking for a high-value personal loan with quick approval? ICICI Bank offers loans up to ₹1 Crore with flexible repayment options. Here’s a simplified breakdown of their latest policy to help you make an informed decision.
1. Who Can Apply? (Eligibility Criteria)
✅ Employment Type: Salaried individuals (private/govt./listed companies)
✅ Minimum Net Salary (NTH):
- ₹40,000/month (Govt./Elite/Superprime profiles)
- ₹50,000/month (Preferred customers)
- ₹1,00,000/month (Open Market & Unlisted companies)
✅ Age Limit: 23–55 years *(below 23? Add a co-applicant)*
✅ CIBIL Score: 750+ *(Fresh loans up to ₹10L allowed for CIBIL 0/-1)*
2. Loan Amount & Tenure
| Parameter | Details |
|---|---|
| Loan Amount | Up to ₹1 Crore |
| Minimum Tenure | 2 years |
| Maximum Tenure | 5 years (6 years if salary ≥₹1L & company is listed) |
| Lock-in Period | None (Close after 1 EMI) |
3. Key Features & Benefits
✔ Instant Approval: Disbursal in 24 hours for eligible applicants
✔ Flexible Repayment:
- Partial prepayment allowed once/year
- Balance Transfer (BT) after 6 EMIs (only for personal loans, not CC/OD)
✔ Income Consideration: - Bonus, incentives, rental income, and pension added to eligibility
- Clubbed income with co-applicant accepted
✔ Work From Home (WFH): Allowed for sourcing
✔ No Residence Proof Needed (For most cases)
4. FOIR & Other Financial Terms
- Max FOIR: 65% (for listed companies with salary ≥₹50K)
- Processing Fee:
- 1% + GST (loans ≤₹10L)
- ₹8,999 + GST (loans >₹10L)
- Overdraft (OD) BT: Allowed after converting to a personal loan post 6 EMIs
5. Documents Required
📌 Basic Documents:
- ID Proof: PAN, Aadhaar, Passport
- Income Proof:
- Last 3 salary slips
- 6 months’ bank statements
- Employment Proof: Offer letter (for <1-month employment)
📌 Special Cases:
- Co-applicant: Salary slips + ID proof
- Rental Income: Lease agreement + bank statements
6. Exclusions & Restrictions
🚫 Not Eligible:
- Grade-4 employees
- Latest month bounce cases
- OD/CC balance transfers
🚫 Location Restrictions: - J&K excluded (except for Army cases)
7. How to Apply?
1️⃣ Check Eligibility: Use ICICI’s online calculator.
2️⃣ Submit Documents: Upload digitally or visit a branch.
3️⃣ Approval & Disbursal: As fast as 24 hours.
Why Choose ICICI Bank Personal Loan?
✅ Higher loan amounts (up to ₹1 Cr)
✅ No lock-in period (close early without penalties)
✅ Flexible repayment options (partial payments allowed)
✅ Quick processing (ideal for emergencies)
Need funds urgently? Check pre-approved offers on ICICI Internet Banking or the iMobile app!
🔹 Pro Tip: Existing ICICI customers may get lower interest rates & faster approvals.
